Mise à jour : 14 mai 2012 (Rédaction initiale : 7 mai 2012 )
Sur le vif
The China Securities Regulatory Commission (CSRC) gave on May 4, 2012 his approval for an initial public offering of China Postal Express & Logistic, Chinese subsidiary of the postal service.
http://www.thejournalofregulation.com/spip.php?article1439
China begins to emerge from an administered economy. This applies as well to public services as to its method of financing of the economy. That is why is noteworthy the decision of listing of the subsidiary of Chinese subsidiary of the postal service, dedicated to postal express and logistic. Indeed, the Chinese financial regulator, the China Securities Regulatory Commission (CSRC) admitted on 4 may the listing of this one on the Chinese financial market. But, not only the purpose is to list an activity, certainly competitive, but organically attached to a public service, but also it's about to list a very important company. This occurs, and then while few Chinese companies are currently listed. In a single event, a double movement occurs: confidence in the mechanism of the financial market and the growing liberalisation of public services.
© thejournalofregulation
Constant reference is being made about the economic deployment of China, including the endogenous one. But the development of his financial market is not is not guaranteed.
Indeed, financial markets need not only significant economic powers of actors and significant financial powers of investors, but they also need for legal certainty, provided by regulators but also more generally by the institutional framework, for example the courts able to control the decisions of regulators.
It is not certain that this Chinese regulatory system presents the same maturity on this point than the Western systems. The downgrade of the risk occurs then by the very fact of the regulation.
This partly explains that the first four months of the year 2012, funds raised in the Chinese financial market amounted to half of the funds raised for an equivalent period in the previous year. The implementation of the listing by the Government of the subsidiary of the Chinese Post, China Postal Express & Logistic, to 10 billion yuan is probably justified to relaunch the process of the dynamism of financial market. The declaration on the admissibility of the listing by the regulator, the China Securities Regulatory Commission, issued on May 4 valid the process. But also, the fact that it is a subsidiary of the Post is not indifferent. Indeed, the position is an activity classified as in the heart of the public service.
By the "Raven case" (l’arrêt Cobra), the European Court of justice (ECJ) had justify that its nature of public monopoly is going to be maintained. By this decision, the Government of China, even if the financialization of activity is not synonymous with its liberalization, and even the fate of a subsidiary was not ipso facto in the parent company, goes in the direction of liberalization of its economy and the weakening of its public services.
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